ABSTRACT
Oil and gas installations are part of and deeply intertwined with the wider world, a fact that becomes increasingly clear with the present globalization. It is necessary to understand the risks involved in oil and gas industry in detail so that the efficiency of such industries can be studied with more confidence. A few terminologies are important: accident, hazard, risk, explosion, fire. Risk assessment studies are either qualitative or quantitative. Hazard and Operability (HaZop) study is a structured and systematic examination of a planned or existing process or operation in order to identify and evaluate problems that may represent risks to personnel or equipment, or prevent efficient operation. HaZop involves following steps: node identification, operating Modes, lifecycle changes. Frank and Morgan developed a method of logical risk analysis in 1979. The proposed method is a systematic approach to financing risk toward risk reduction. The relative risk is an estimate of risk between the departments.
